! REF WINTER 2013_! REF Win08 Toronto 2013-11-20 10:24 AM Page 20
By Catherine Ann Marshall
Catherine Ann Marshall
What are the chances that – right after a knock-down, drag-out fight over balancing its budget – the US will eliminate some real estate taxes on Canadians? Actually, surprisingly good, with the potential to spur a flood of Canadian capital south of the border as early as 2014.
Momentum is Building to Reduce US Real Estate Taxes The government shutdown and budget wrangling in Washington highlighted the need for comprehensive US tax reform, said Jim Fetgatter, CEO of the Association of Foreign Investors in Real Estate (AFIRE) in a recent interview. “It would be logical for reform to include changes in antiquated laws that discourage foreign investment in US real estate,” added Mr. Fetgatter.
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Canadian Real Estate Forum / WINTER 2013
“If it (changes to tax laws) doesn’t pass this year, it wouldn’t be for a lack of support” said Mr. Fetgatter. He added that it’s not just his assessment but also that of “Invest in America”, a larger coalition of organizations that includes AFIRE and other businesses, non-profits, and trade associations. “I’d say the chances of some proposed reforms getting passed this year are good.”